CapitaLand Mall Trust Management (CMTML) reports the gross revenue for its CapitaLand Mall Trust (CMT) has risen 7.4 per cent for the first quarter of this year.
The gross revenue was S$179,801 million (US$132.43 million), up from $167,353, mainly because of a contribution of S14.6 million from the acquisition of Bedok Mall in October. Other factors were higher rentals from IMM Building following the second phase of asset-enhancement works, and from new and renewed leases from other malls.
This was partially offset by lower revenue from JCube because of lower occupancy, and the absence of income from Rivervale Mall following its divestment in December.
“Despite the challenging macro environment, CMT had year-on-year growth of 4.9 per cent in shopper traffic and 4.6 per cent in tenant sales in the first quarter,” says CMTML CEO Wilson Tan.
“We are continually looking for ways to stay ahead in the retail industry and enhance our strong portfolio of shopping malls in Singapore. In the second half of this year, we will start the redevelopment of Funan DigitaLife Mall into a new-generation integrated development and lifestyle destination,” says Tan.
“We will also continue to make progress with asset-enhancement initiatives for Plaza Singapura, Bukit Panjang Plaza and Tampines Mall, aimed at staying ahead of the evolving aspirations and needs of both our shoppers and tenants.”
CMT was the first real-estate investment trust (REIT) listed on the Singapore exchange, in 2002. It is Singapore’s largest REIT by market capitalisation, $7.4 billion (as at March 31), with more than 2900 leases with local and international retailers, and 97.7 per cent committed occupancy. It has 16 shopping malls: Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Bugis Junction, Sembawang Shopping Centre, JCube, Raffles City Singapore (40 per cent interest), Lot One Shoppers’ Mall, 90 out of 91 strata lots in Bukit Panjang Plaza, The Atrium@Orchard, Clarke Quay, Bugis+ (pictured), Westgate (30 per cent interest) and Bedok Mall.
